(July 08, 2011, Addis Ababa)- MIDROC Ethiopia announced on Thursday that it has found a new gold deposit in Ethiopia.
Chief Executive Officer of MIDROC Ethiopia Technology Group, Dr. Arega Yirdaw said the gold deposit is discovered at a place called Jilay, in Metekel zone of Benishangul Gumuz regional state.
According to Dr. Arega, the newly found gold reserve is estimated at 33 tons. The gold, which is discovered near the Grand Ethiopian Renaissance Dam, is estimated at 1.18 billion US dollars, at the current price.
The exploration, which was undertaken for the last seven years, cost the company over 46 million Birr; it was exclusively carried out by Ethiopians.
Dr. Arega said a second industrial scale gold processing plant, next to Legedembi gold mine site, will be built and is expected to start operation in 2016.
The mine is expected to employ more than 1,000 people. MIDROC Ethiopia currently operates two large-scale mining licenses, the Legadembi and the Sakaro, in Guji Zone of Oromia State, 500km south of Addis Ababa.
Source: ERTA
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